The Property Council of Australia has welcomed the passage of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 and Capital Works (Build to Rent Misuse Tax) Bill 2024 with amendments that will deliver the largest ever Federal supply of rental homes.
According to the Property Council of Australia, EY modelling shows that the amended legislation can deliver 80,000 new rental homes over the next ten years, which will give people more opportunities to achieve their savings goals, including owning a home, because of the superior rental security.
“The government’s legislation is a welcome investment in 80,000 new, secure rental homes over the next decade. This is the largest ever Federal supply of rental homes. Of these, 8,000 are affordable homes and 1,200 would become available to rent in the near future.
“This is the largest induction of investment in new rental homes by a Federal government in recent memory. “Housing Minister O’Neil has championed this rental supply. Her pragmatic approach has delivered a solution that the property, community housing and social services sectors welcome as a positive first step.
“We are ambitious to see even more homes delivered over time and look forward to working with a future parliament on the best investment settings to achieve this.
“There is the potential to deliver more than twice this number of rental homes if we get it right, but today Australians will have 80,000 reasons to be pleased.
“We thank those independent MPs who have publicly supported Build to Rent housing from the start, especially Senator David Pocock, and our partners the Community Housing Industry Association and National Shelter for their efforts over a year and a half.”
Mike Zorbas, Chief Executive, Property Council of Australia
For over a decade, the Property Council of Australia has championed a setting that attracts investment towards Build to Rent housing, a successful feature of the US and UK markets, on a level playing field with commercial and industrial property.
The Property Council of Australia has declared that it will continue to advocate for ideal Build to Rent investment settings, more retirement living communities and more purpose-built student accommodation (PBSA).
It has noted that the work of the next term of Federal parliament will be helping states and territories do what is required to achieve the ambitious 1.2 million home housing targets.
